US stocks driven up by Chinese trade data
United States stock index futures saw gains on May 7. An unexpected boost of China’s exports gave the investors hope for a rapid economic recovery.
Earlier this day Chinese government published report on its trade. Last month exports went up 3.5% on a year. This is an unexpected dynamic - according to the forecasts, exports were supposed to contract 15.1%. Meanwhile national imports dropped 14.2%.
While the report is considered a cause for optimism, American investors are still cautious. The market is waiting for the data on new US jobless claims that will be published later this day. The number of new claims is expected to be around 3 million. Earlier report showed 3.839 million new claims.
Traders are also watching the development of the new US-China tensions. The nations will hold the negotiations concerning the first phase of their last trade deal. President Trump threatened to bring back the tariffs if China does not fulfill its part of the agreement.